https://www.sec.gov/Archives/edgar/data/1511699/000089418920004078/smithgroupsmcapfocusedgrow.htmSMITH GROUP LARGE CAP CORE GROWTH FUND
Institutional Class (Ticker: BSLGX)
Investor Class (Ticker: BSLNX)
A series of Managed Portfolio Series (the “Trust”)
Supplement dated May 22, 2020
to the Prospectus dated January 28, 2020
Based upon a recommendation by Smith Asset Management Group, L.P. (the “Adviser”), the Board of Trustees (the “Board”) of the Trust has approved a plan of liquidation for the Smith Group Large Cap Core Growth Fund (the “Fund”) as a series of the Trust, pursuant to which the Fund will be liquidated on or around July 6, 2020 (the “Liquidation” or the “Liquidation Date”). The Adviser has determined that the Fund has limited prospects for meaningful growth. As a result, the Adviser and the Board believe that the Liquidation of the Fund is in the best interests of shareholders.
In anticipation of the Liquidation, effective as of the close of trading on the New York Stock Exchange (“close of business”) on June 15, 2020, the Fund is closed to new investments. In addition, effective immediately, the Adviser may begin an orderly transition of the Fund’s portfolio securities to cash and cash equivalents and the Fund will cease investing its assets in accordance with its investment objective and policies.
Shareholders may voluntarily redeem shares of the Fund, as described in the Fund’s Prospectus, before the Liquidation Date. Shareholders remaining in the Fund just prior to the Liquidation Date may bear increased transaction fees in connection with the disposition of the Fund’s portfolio holdings. If the Fund has not received your redemption request or other instruction by the close of business on July 6, 2020, your shares will be automatically redeemed on the Liquidation Date. Shareholders will receive a liquidating distribution in an amount equal to the net asset value of their Fund shares, less any required withholding. For shareholders that hold their shares in a taxable account, the redemption of Fund shares will generally be treated as any other redemption of shares (i.e., a sale that may result in a gain or loss for federal income tax purposes).
If you take no action prior to July 6, 2020, your shares will be automatically redeemed on the Liquidation Date.
If you hold your shares in an individual retirement account (an “IRA”), you have 60 days from the date you receive your proceeds to reinvest or “rollover” your proceeds into another IRA and maintain their tax-deferred status. You must notify the Fund’s transfer agent at 877-764-8465 prior to July 6, 2020 of your intent to rollover your IRA account to avoid withholding deductions from your proceeds.
If the redeemed shares are held in a qualified retirement account such as an IRA, the redemption proceeds may not be subject to current income taxation. You should consult with your tax advisor on the consequences of this redemption to you. Checks will be issued to all shareholders of record as of the close of business on the Liquidation Date.
Please contact the Fund at 1-877-764-8465 if you have any questions.
Please retain this Supplement with your Summary Prospectus, Prospectus and SAI for future reference.
